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Some advice regarding pension
AlexDao
Posts: 7 Forumite
Hi
Where I work part time whilst I'm studying university, I gave been paying pension on my payslip that I didn't really notice before.
I have worked there for 3 years now and I tried calling them up to try to stop the pension payment and also to get back what I have paid so far
They stated I couldve only have claimed back if I called before I completed two years of work.
Is this allowed? Is there anything I can do?
Value is around £1000 which is a lot to a student like me
Where I work part time whilst I'm studying university, I gave been paying pension on my payslip that I didn't really notice before.
I have worked there for 3 years now and I tried calling them up to try to stop the pension payment and also to get back what I have paid so far
They stated I couldve only have claimed back if I called before I completed two years of work.
Is this allowed? Is there anything I can do?
Value is around £1000 which is a lot to a student like me
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Comments
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Is this allowed?
yesIs there anything I can do?
Not now. Next time though you should read your contract of employment before agreeing to it.Value is around £1000 which is a lot to a student like me
Except you would not have £1000. If it was possible to unwind it (which it is not) the employer would take back their contribution. HMRC would take back the tax relief and the NI and you would be left with a couple of hundred.
Your older self wouldnt thank you either. You have a nice head start and now you want to wreck it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You can stop future payments (although i wouldn't). But youc an't get back what you put in until age 55 (or whatever the scheme rules are) or when you reach the agreed retirement age.
This money (which as said may have only cost you 200 over 3 years) will continue to grow over time.0 -
Why not just carry on paying into the pension?0
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Is the '2 year rule' is for any type of pension?0
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The two year rule is normally with defined benefit schemes. Money purchase schemes rarely have it. Although some COMP/CIMPS may. GPPPs or individual PPPs dont get it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thought so. If we can assume that the OP is in a defined benefit scheme, it's probably a blessing in disguise they missed the cut off point and will remain in the plan.0
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This thread is why auto-enrollment is a great idea.0
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I think this thread actually shows why compulsory-non-opt-out would be a good idea.
It would take a very good argument to convince me of this as I think that people should be able to do what they want with their money, even stupid things.
Of course, if people do these stupid things, then they've made their bed and they can jolly well lie in it rather than expecting the state to feather it with lavish benefits.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »It would take a very good argument to convince me of this as I think that people should be able to do what they want with their money, even stupid things.
Of course, if people do these stupid things, then they've made their bed and they can jolly well lie in it rather than expecting the state to feather it with lavish benefits.
Although I agree, can you really see that happening? There will be outcries when the elderly are living in "poverty" because they never bothered to save for their retirement and aren't healthy or physically fit enough to work.0
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